Many of the terms used in the insurance business can be confusing. To help you understand some of these terms a little better, we have presented a glossary for you to browse. Please understand that specific terms and conditions apply to every insurance policy, and these terms and conditions may limit the coverage available for any given accident or loss - they may even modify the meaning of some of the terms listed here. It is very important for you to note that the precise coverage afforded is subject to applicable underwriting guidelines and to the terms, conditions and exclusions of the policies issued.
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Financial Responsibility (state) - each state has rules regarding who must have automobile insurance, and what policy limits must be purchased. These rules are referred to as the Financial Responsibility laws of that state. If someone who was required to have insurance is caught without it, he/she is usually required by the state to acquire a Financial Responsibility filing from an insurance company (SR22), and that company is then required to inform the state if/when that insured fails to maintain the required insurance.
Financial Responsibility (company) - this form of financial responsibility revolves around the bill-paying behavior of applicants for insurance as reflected in their credit reports. This usually takes the form of a discount or eligibility for lower priced programs.
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